Answer:
Cortina Company
Indication of the type of adjustment and the status of the accounts before the adjustment:
Type of adjustment (prepaid Status of the accounts before the
expense, accrued revenue, etc.) adjustment:
a. Usage adjustment Supplies Overstated by $1,200
b. Accrued Revenue Service Revenue understated by $700
c. Accrued Expense Interest Expense understated by $300
d. Earned Revenue Rent Revenue understated by $1,100
and Deferred Revenue overstated by
the same amount.
Explanation:
Cortina Company must recognize all revenue and expenses, whether cash has exchanged hands or not, provided they have been earned or incurred within the stated accounting period. This is in accordance with the accrual concept and the matching principle of generally accepted accounting principles.
Option A
A new accounting principle can be adopted with stockholders' approval is not true of accounting principles
<u>Explanation:</u>
Accounting principles are the dictates and guidelines that firms must comprehend when describing financial data. The Financial Accounting Standards Board (FASB) publishes a regulated collection of accounting principles in the U.S. applied to as generally accepted accounting principles (GAAP). GAAP strives to develop the accuracy, flexibility, and comparability of the presentation of financial information.
Since accounting principles vary beyond the world, investors should practice discretion when associating the financial statements of organizations from various countries. Accounting principles help dictate the world of accounting according to prevailing dictates and guidelines.
Answer:
To calculate annualized GDP growth rates, start by finding the GDP for 2 consecutive years. Then, subtract the GDP from the first year from the GDP for the second year. Finally, divide the difference by the GDP for the first year to find the growth rate. Remember to express your answer as a percentage.
Answer:
Mama thu thu thu thu thu thu
Explanation:
Hi
The marketing firm need to focus their efforts on
product modification.
<h3>What is product modification</h3>
Product Modification includes changes that are done on an existing product to make it more acceptable.
This could include branding, changing the quantity and colour to help increase the demand.
Therefore, The marketing firm need to focus their efforts on product modification.
Learn more on marketing here,
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